Do you plan to give your children their tax credit, refund or whatever it's called?

[lynn]

or any part thereof? My sister said she's giving her children all of it to spend "because it's theirs" hmm?:cool: That's the first time I ever heard that. It got me wondering is anyone else giving part or all of the $300 to their child? I guess that would help stimulate the economy...

[Jean in Newcastle]

No way. Not unless they were paying for their room and board and schooling and . . . .

[Scarlett]

Oh give me a break....:rolleyes: Are they paying for their own raising with a trust fund or something. Please. And we wonder why kids are growing up with a sense of entitlement.

Oh, to answer your question, NO.. my ds7 will not have control of 'his' $300.

[JudoMom]

or any part thereof? My sister said she's giving her children all of it to spend "because it's theirs" hmm?:cool: That's the first time I ever heard that. It got me wondering is anyone else giving part or all of the $300 to their child? I guess that would help stimulate the economy...

Last time I checked, they paid no taxes. Although I'm sure they'd love to stimulate the economy :eek:.

[Mrs Mungo]

or any part thereof? My sister said she's giving her children all of it to spend "because it's theirs" hmm?:cool: That's the first time I ever heard that. It got me wondering is anyone else giving part or all of the $300 to their child? I guess that would help stimulate the economy...

What? How does the tax credit belong to the child? Since when does the child pay taxes? Does your sister realize that $300 will be included in *her own* taxable income for next year? That's craz-eee!

[Daisy]

That's a big huge resounding, "No". When they are earning the money, they can keep it.

[Danestress]

No because (1) it's NOT theirs (2) I'm not sure we will get one (3) if we do, I understand it's an advance on next year's refund. So no. But hey, I give them free room and board, and for that they can be grateful:)

[lynn]

I heard this through my sister that lives near her. I asked if she thumped her up side the head to knock some sense into her... She was just as shocked as I was when she told me. Just when we think L can't get anymore um oh I don't know the exact word to use let's try ignorant she always says or does something to make us think she's a few french fries short of a happy meal. How many webkins would my 8 year old buy his tax refund money?:rolleyes:

[Daisy]

I cannot imagine what my 8 or 6yo would do with $300. They can barely spend $20. I am just blown away by this. Not even Dh and I will spend it. We will put it into savings.

[Jennifer in MI]

Heck no!!! Well, I guess technically they'll benefit though as we'll use it for something fun (we haven't decided for sure yet - it'll either be used for our new fireplace/flat screen tv, our Disney Cruise, savings for our new car, savings for the European vacation, or our savings for the appliances!!).

[Cadam]

when they start paying their own bills, and their own taxes they can have their tax refunds. Who just gives a kid $300 to blow? Sorry, not in my house. If they were older and I wanted to use to extra money as a means to teach them about money management maybe we could use it in a practical way and have them pay of things, invest it, whatever but in the end it is my money because they are my dependent.

[Beth in Central TX]

Ummm...not unless my kids started paying for rent, food, clothes, etc. I'm amazed at what people think their kids have a right to.

[tess in the burbs]

we talked about this and decided if we get that $$ then it will be set aside and used for child related expenses. Like shoes that are needed unexpectedly b/c they outgrew the new ones only 6 weeks old ;) Or the yearly memberships to places :p or the 'extra' stuff for a sport or activity they want to do this fall. :D

we have a strict budget and it's usually the kids' unexpected items that throw it in a tailspin, lol. So yes, we plan to set it aside in savings so when I need $60 new soccer stuff I have the money....but clearly if we needed it for something else we would. but yes, it's being set aside marked for the kids' future budget busting items ;)

[nmoira]

The money is being used to pay most of the costs of getting the house painted. The girls are going to help pick the colours though. :)

[WTMindy]

or any part thereof? My sister said she's giving her children all of it to spend "because it's theirs" hmm?:cool: That's the first time I ever heard that. It got me wondering is anyone else giving part or all of the $300 to their child? I guess that would help stimulate the economy... I wonder why she thinks it is theirs. It is a tax credit and the kids pay no taxes. I guess the credit is *because* of them, but not *for* them.

[BonAmy]

Last time the kid's got that $400 or so from the government, about 6 years ago (?) I opened a savings acct for each child.. then when things came up that they needed.. like, dance shoes mainly, I would have them take the money out of the bank to pay cash for them. Technically, they had no say in what that money was used for... but I did use it for their personal expenses.

Those accounts are almost empty now.. so I'm thinking about putting this faux refund in there. For dance shoes, camp fees, recital fees, music lessons, whatever. Things I would have normally spent money on anyway.

[Kelli in TN]

Yes, I am giving the kids their tax rebates and yes they will be stimulating the economy. To simplify things for my children, so they don't strain anything in their brains, I have selected how they will be stimulating the economy with their money.

Sarah will be stimulating the economy with the purchase of a precalculus curriculum.

Gabriel will be stimulating the economy with the purchase of an algebra curriculum.

Shalom will be stimulating the economy by splurging on another year of unitedstreaming.

Justice has decided to use his to pay for a dual credit class for his big sister.

[Amy in NH]

Does she also give them the equivalent of "their" dependent exemptions?
How about "their" child tax credits?

That's just silly! It's meant by the government to provide a little extra relief to families with children.

[Tammyla]

Creative logic on her part. They'll get the refund check when they file:rolleyes:.

[Unicorn]

Yep, my dc are getting their share.

They are getting it in the form of shoes, clothes, food, shelter, new glasses for dd, summer camp, swim team, next year's curriculum..... oh wait, that won't cover it all, but, you get the idea! :D

[mcconnellboys]

No way! We're not spending it except maybe to pay bills,

Regena

[PariSarah]

Well, sorta. If we don't need it for anything else, it might go into their Coverdells.

But I would be hard pressed to call any money that passes through our hands "theirs," with the possible exception of cash gifts from g'mommy that I know she imagines as "theirs." I humor her sometimes.

[one l michele]

college funds.

[Pamela H in Texas]

Well, I'll be the oddball.

My kids get a part of the tax refund each year. They'll also get a small part of this and are already thinking of ways of stimulating the economy :)

However, NO ONE in this house believes they are ENTITLED to it. It is simply something we CHOOSE to give.

And they certainly aren't getting anywhere close to $300 altogether, much less EACH!

[Holly IN]

no way!

I pay for their clothes, food, schooling, and whatever else that I pay for. Nope!!

Holly

[LizzyBee]

What? How does the tax credit belong to the child? Since when does the child pay taxes? Does your sister realize that $300 will be included in *her own* taxable income for next year? That's craz-eee!

Federal income tax refunds are not included in taxable income. State income tax refunds are included in federal taxable income if you itemized in the prior year and received a tax benefit from payment of your state income tax.

To answer the original question, it never crossed my mind to give my kids any part of the rebate. I agree, that's craz-eee! :)

[HomeOnTheRanch]

Yep! As soon as they start paying their own taxes!

[nancypants]

LOL Well, living in Canada, we aren't getting it (that I know of.) But if we did, we would definitely not give it to the kids. They don't earn any of the money, they don't pay taxes. It would be ours. :D

[Mrs Mungo]

Federal income tax refunds are not included in taxable income. State income tax refunds are included in federal taxable income if you itemized in the prior year and received a tax benefit from payment of your state income tax.

I realize that this is generally true but I was under the impression that this particular tax rebate was to be considered taxable income for next year.

[Kristafish]

If they need things, we buy it :)
Not sure how this money will get spent.. Everyone is wanting a Wii, so I'm thinking that might be our one crazy buy ;)
The rest will probably go towards bills, clothes, shoes, etc...

[shell in SC]

"To simplify things for my children, so they don't strain anything in their brains, I have selected how they will be stimulating the economy with their money.[/quote]

Kelli. . .I love your sense of humor. You crack me up sometimes!!!!

[LizzyBee]

I realize that this is generally true but I was under the impression that this particular tax rebate was to be considered taxable income for next year.

I've not read that anywhere except on the boards here. In the next few days, I should start getting some official guidance at work. The IRS has a webpage up, but there's not much information on it yet. I'll repost later if I can find any official source that says it will be taxable.

[Closeacademy]

No, it's going in our buy a lot in Hawaii fund. They will get to live with us when/if we move there. That is reward enough.:)

[Plaid Dad]

No. Since this is just an advance on next year's taxes, we will probably put ours into a savings account so we don't get slammed next April 15th. :p

[Quiver0f10]

Yes, they can have their share in electricity, heat, water and food over the next 12 months.

[kdeno]

:confused:

[Lizzie in Ma]

How their father and I spend it will benefit the family as a whole. Paying off more bills is our intent. (But I really, really, want a portable dvd player that plays mp3s for me, I really do)

[Tutor]

We can't not accept it from what I understand (although I think the tax and IRS people were in shock that I was actually asking if I could refuse it). At first, we were considering signing it back over to the government requesting that it be applied toward the national debt. Then we realized that the government that decided to issue the checks in the first place would probably just put it back into the general fund to spend on something else dumb or unconstitutional or something, so we have picked an overseas charity to send our money to... friends of ours who work in Uganda with AIDS relief and agricultural promotion. They could use some supplies.

Our children helped decide where to send the money after we explained why we felt we shouldn't keep it.

[j.griff]

Um, NO.

[LaMere Academy]

it's going into their savings accounts...the ones that cannot be touched until it's time to go to college

[LaMere Academy]

Ummm...not unless my kids started paying for rent, food, clothes, etc. I'm amazed at what people think their kids have a right to.

I hear that! Don't even get me started...

[Faith]

Yes, they can have their share in electricity, heat, water and food over the next 12 months.


Too funny and too true here also! LOL

[Scarlett]

with the possible exception of cash gifts from g'mommy that I know she imagines as "theirs." I humor her sometimes.

LOL...Hilarious.

[jail warden]

Nope, we will be using it to pay down our last debt. But if we would be debt-free, I would consider putting it into their college fund. That would be the only way they would get the money! I would never let a child have $300! What are they going to do, but buy things that will be useless in a year! Talk about teaching your children consumerism!!!(A thread earlier in the weekend)

[Tia in Wa]

No way! They will each get to pick out a new game for the wii but that is all. The rest will be for normal expenses.:)